GIFT Nifty suggests that Indian equity indices BSE Sensex and NSE Nifty 50 might open negatively on Wednesday.
GIFT Nifty was down by 89.50 points or 0.38%, trading at 23,259.50, indicating a likely negative opening for the NSE Nifty 50 and BSE Sensex. On the previous day, Tuesday, the NSE Nifty 50 increased slightly by 5.65 points or 0.02% to close at 23,264.85, while the BSE Sensex fell by 33.48 points or 0.04% to settle at 76,456.60.
“Following a significant recovery, the domestic market stocks have now stabilized as it awaits new catalysts. With uncertainties around government formation resolved, the focus has returned to global and domestic indicators. Concerns have emerged about possible U.S. rate cuts after last week’s robust U.S. job data, which has caused an uptick in U.S. bond yields,” stated Vinod Nair, Head of Research at Geojit Financial Services.
Nair further noted that foreign institutional investors (FIIs) have recently been net buyers. Investors are now anticipating this week’s stocks’ policy decisions from the U.S. Federal Reserve and the Bank of Japan, as well as key inflation data from the U.S. and India, to gain insights into the direction of rate cuts.
Stocks to Watch on June 12, 2024
Union Bank of India
The board of this state-owned bank has approved a capital raising plan of up to Rs 10,000 crore, including Rs 6,000 crore in equity capital through public issues, rights issues, private placements, and preferential allotments stocks.
TVS Supply Chain Solutions
The company has secured a significant 5-year strategic contract with Daimler Truck South East Asia Pte Ltd, a subsidiary of Daimler Truck AG. TVS SCS will be the primary logistics partner for Daimler Truck AG in the Asia-Pacific region.
InterGlobe Aviation
Rahul Bhatia’s InterGlobe Enterprises has sold a 2% stake in a low-cost airline, generating Rs 3,367.30 crore. The shares were sold at an average price of Rs 4,362.04 each. Citigroup Global Markets Mauritius acquired 31 lakh shares, representing a 0.81% stake, for Rs 1,362 crore.
OMCs
India’s oil minister, Hardeep Singh Puri, announced the government’s plans to bring petrol, diesel, and natural gas under the Goods and Services Tax (GST) regime, marking the start of his tenure in the new cabinet.
HCL Technologies
HCLTech has signed a $278 million agreement with Deutsche Apotheker-und Ärztebank eG (apoBank), Germany’s largest cooperative primary bank, to implement a managed services model providing resilient, scalable, high-quality, and compliant digital foundation services.
Cipla
Cipla reported that the Additional Commissioner of State Tax upheld an order against the company issued by the Office of Joint Commissioner of State Taxes. Cipla intends to appeal this decision with a higher appellate authority.
Patanjali Foods
The company’s board has reviewed a proposal from Patanjali Ayurved concerning the sale of its non-food business units. A committee has been formed to evaluate the proposal, perform due diligence, and carry out valuations. The committee’s work is ongoing, and the company will update the exchanges with any further developments.
Wipro
Wipro has launched the Lab45 AI platform, aimed at enhancing efficiency and transforming business operations. This SaaS-based platform accelerates the adoption of generative AI, improving productivity across various business functions.
Tube Investment
The flagship company of the Murugappa Group and its subsidiary, TI Clean Mobility Private Ltd, have entered into a Rs 160-crore agreement with South Asia Growth Invest III LLC and South Asia EBT Trust III, collectively known as GEF.
Trident
Trident Home Textiles, a division of Trident, has made an additional investment in its subsidiary Trident Global B.V. The company acquired 15,000 ordinary stocks of Trident Global B.V. at €1 each.
